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The escape from conjectural variations: the consistency condition in duopoly theory from Bowley to Fellner

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  • Nicola Giocoli

Abstract

The paper covers the 1924--1949 debate on the conjectural variations approach to duopoly theory and focuses on the evolution of economists' views about the imposition of a consistency condition on the firms' conjectures. The main point is that, although the consistency condition entailed a notion of interactive equilibrium that resembled the modern correct conjectures equilibrium, most neoclassical economists of the time refused to apply it because of the excessive requirements it imposed upon the firms' forecasting abilities, and because of its failure to encompass an explanation of the equilibrating process. Copyright 2005, Oxford University Press.

Suggested Citation

  • Nicola Giocoli, 2005. "The escape from conjectural variations: the consistency condition in duopoly theory from Bowley to Fellner," Cambridge Journal of Economics, Oxford University Press, vol. 29(4), pages 601-618, July.
  • Handle: RePEc:oup:cambje:v:29:y:2005:i:4:p:601-618
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    File URL: http://hdl.handle.net/10.1093/cje/bei007
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    Cited by:

    1. Paulo Brito & Bipasa Datta & Huw Dixon, 2011. "The evolution of mixed conjectures in the rent-extraction game," Discussion Papers 11/06, Department of Economics, University of York.
    2. Paulo Brito & Bipasa Datta & Huw Dixon, 2012. "The evolution of the mixed conjectures in the rent-extraction game," Discussion Papers 12/33, Department of Economics, University of York.
    3. Ludovic A. Julien & Olivier Musy, 2015. "A Review of Heinrich von Stackelberg's Book: ‘Market Structure and Equilibrium’," Australian Economic Papers, Wiley Blackwell, vol. 54(1), pages 52-60, March.
    4. Douglas, Niall Edward, 2006. "Explain ‘conjectural variation’ in Cournot duopoly, evaluate its impacts and discuss the policy implication," MPRA Paper 13652, University Library of Munich, Germany.
    5. Kalashnikov, Vyacheslav V. & Bulavsky, Vladimir A. & Kalashnykova, Nataliya I. & Castillo, Felipe J., 2011. "Mixed oligopoly with consistent conjectures," European Journal of Operational Research, Elsevier, vol. 210(3), pages 729-735, May.
    6. repec:spr:joptap:v:152:y:2012:i:1:d:10.1007_s10957-011-9880-9 is not listed on IDEAS

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